Are you finding it hard to choose between renovating your existing home or just pulling the plug and buy a new home? We’ve put together some important questions that we regularly ask clients to help ensure that a renovation is something they really want to undertake. Let’s start with the most straight forward question…
1.Do you love your existing home?
It’s important to love your home! Why? It where we spend most of our quality time with our families. If you don’t love the main aspects of your home, whether it be the location, size, layout or aesthetics, then maybe the right option for you would be to sell! Buy and fall in love with something that fits to your needs. Then, and the time spent wanting to make changes can be spent appreciating and really living in your home.
Renovation is all about fine tuning what you already have to better suit your family’s needs and wants. Your home needs to have the right foundations for a renovation, so that it really reflects what you want to achieve.
2. How much are you knocking down?
Let’s be honest, if you’re knocking down or replacing more than 70% of the original structure, you’re going to lose all cost efficiency and you may as well demolish and start a new build. Knocking down a large proportion of your home could also put you in great danger of over capitalising.
3. Can you afford it?
We understand that when you’re planning to build your dream home it’s an exhilarating experience and it’s easy to let the costs get away from you. Quite often people start with a modest idea and budget and get caught up in the design whirlwind and end up committing every last dollar they have before the project even starts.
Our belief is to only sell our product to those who can comfortably afford it. As a rule of thumb, you should aim to have between 10% to 20% of the projects value in reserve funds. In some cases there can be unforeseen costs like electrical or footing blow outs. The main reason to not over spend is to make the experience enjoyable and rewarding for you and your family.
4. To DIY or not?
Renovations and extensions can be extremely rewarding and there’s plenty of advice out there to help you in your decision making. It’s always tempting to do all things DIY, especially when looking at your budgets. If you’ve even got the basic skills sorted, like painting, you can save a lot of extra cash. If you’re not sure on the big things, like laying tiles or pouring a slab- it’s probably best to call in the professionals!
5. Does this sound like you?
If you said to yourself “that’s how I feel” to any of the above, renovating may not be for you. BUT If you:
- you love the main aspects of your home
- you are not knocking down more than 70% of the existing home
- you’re confident you have 10% to 20% of the build in reserve for a rainy day
- this is your forever home or at very least, your 10 year home
If you’ve said yes to the above…then renovating could be a perfect fit for you. One of the most rewarding experiences in life is building a beautiful home that suits your family.
If you’re not sure what your current home could look like- grab some inspiration from our website here. If you’re committed to renovating, and if it’s the right life choice for you, please give us a call for a chat today.